Bill Shorten (Maribyrnong, Australian Labor Party, Leader of the Opposition) Share this | Link to this | Hansard source

My question is to the Prime Minister. I refer to the latest instalment of the government's ongoing tax saga. The Prime Minister has now contracted the Treasurer's job out to the secretary of the Prime Minister's department. So when the Prime Minister of Australia does not trust the Treasurer of Australia to do his day job, does this not prove that this government has no economic plan and that his economic team has no clue?

Mr Hunt interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The Minister for the Environment will cease interjecting. I know the Minister for the Environment is only recently back. He might want to acquaint himself with some rulings I made in his absence.

Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

I thank the Leader of the Opposition for his question. As I have said in this House many times, the Australian economy is transitioning from one driven by the mining-construction boom to one that is able to take advantage of these the most exciting times in Australia's history. The opportunities that are available to Australians are greater than ever but they are not without challenges. The road to the new economy is an exciting one but we have to make sure we take the right decisions to stay on track. That is why every lever of government policy is working to support this transition.

We know the key to a successful economy and to the jobs of the future is innovation so we launched in December a $1.1 billion national innovation and science agenda encouraging investment, promoting technology and ensuring that our best researchers in our universities collaborate with business. The defence white paper last week is built around innovation. Every element of it recognises that for Australia to have the best defence force of the 21st century, we need to be innovative. We need to rely upon, encourage, enhance Australian ingenuity and technology—and we were witnessing some of that with the defence minister earlier today.

There is a lawlessness in the construction sector where one million Australians work. We have just had a royal commission which underlined what we all knew—that the rule of law must be restored—and so we seek to reinstate—

Mr Tony Burke (Watson, Australian Labor Party, Shadow Minister for Finance) Share this | Link to this | Hansard source

The Prime Minister is refusing to even name the Treasurer. The question is about the Treasurer and he will not even name him.

Tony Smith (Speaker) Share this | Link to this | Hansard source

The Manager of Opposition Business will state his point of order when he rises on a point of order, as he well knows. The Prime Minister has the call.

Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

The keys to this successful transition—technology, innovation, investment, infrastructure, open markets—all of those elements are being pulled into play by the government to support the successful transition to the new economy. While we are doing that, what is Labor doing? Is Labor supporting investment? No, it is increasing capital gains tax by 50 per cent. It is increasing tax on investment. It is setting out to discourage investment. Is it building confidence? No, it is undermining the value of the single largest asset class in Australia, the Australian home—the most important asset for every Australian family. And of course when it comes to the construction sector, does Labor recognise the faults exposed yet again in the royal commission? No, it says, 'All is well. The CFMEU are fine fellows. There is no need to have the building and construction commission.' There is a road to the new economy; Labor stands in the way. (Time expired)